Flashcards
Economic Issues terms
Cards in this deck (14)
- 1free market economyan economic system in which the prices of all goods and services are determined by supply and demand in the absence of other factors such as government action or monopolies.
- 2command economysupply of goods and pricing are determined entirely by gov't as part of a total plan
- 3economic liberalisma system that functions without intervention of gov't, developed by Adam Smith
- 4system by John Maynard Keynes advocating gov't spending to create jobs in poor economic times. a gov't sponsored policy of high employment is viewed as a means to relive economic depressionKeynesian economics
- 5-a set of policies that reduce the role of gov't because gov't control and regulation are seen to impede or distort economic growth. -led to economic globalization -based upon Adam Smith modelNeo-liberalism
- 6progressive governmentsbased upon Keynesian model with added on taxation to redistribute the wealth of a nation from rich to poor through social services like pension plans
- 7free trade agreementsFTAA is a poroposed tade agreemnt involving all nations of the Americas other than Cuba
- 8NAFTAa treaty signed in 1994 by Canada. the US and Mexico that phased out most trade restrictions among the 3 countries
- 9an inequality in which some people or countries are much better off economically than other people or countriesEconomic disparity
- 10Odius debtdebt created by unscrupulous leaders to meet their own needs rather than the interests of the people
- 11World Banka specialized agency that furthers the economic development of member nations, chiefly through guranteed loans. The Bank obtains most of its funds through borrowing and the remainder through gov't subscription. Since voting power is proportional to the amount of money recieved from each gov't, the Bank is essentially controlled by the richer countries.
- 12human rightsthe basic rights to which all people are entitled such as freedom, peace and dignity.
- 13a form of slavery, usually imposed by gov't or military power, in which the threat of violence is used to force people into working against their willforced labour
- 14it happens when people borrow money and cannot pay it back because of high interest rates. They must work for the company or individual until the loan is repaidBonded labour
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- Flashcards on Economic Issues terms, created by Chenia Sa on 16/12/2014.
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- Chenia Sa
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